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Forex Analysis & Reviews: Elliott wave analysis of Silver for May 26, 2021



Silver is ready to test key resistance at 29.86. When it breaks this level, silver will move higher to the all-time high at 49.83. Ultimately silver should break above here too for a rally closer to 100.

Support is now seen at 27.46 that ideally should be able to protect the downside.

Trading recommendation:

Buy silver for a test of 29.86 and ultimately a break above here too for a continuation towards 49.83

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Forex Analysis & Reviews: Forecast for EUR/USD on May 27, 2021

EUR/USD
The euro began to decline. Yesterday the price expectedly left the wedge-shaped formation downwards, this morning the Marlin oscillator attacks the border of the downward trend. Double divergence is gaining strength. The first target for the decline is the MACD line in the area of 1.2055, which is near the low on May 13.



The price settled under the MACD line on the four-hour chart, and the Marlin oscillator was deeply embedded in negative territory. We are waiting for the price at the designated target.



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Forex Analysis & Reviews: US stocks rise after unemployment data



As a result of trading, the Dow Jones Industrial Average rose 139 points, or 0.4%, to 34462. The S&P 500 index rose 0.1%. The Nasdaq Composite was down less than 0.1%.

This week, stock indices are hovering amid easing concerns about a spike in inflation and after Fed officials said they could start discussing adjustments to asset purchase programs in the near future. Investors are closely monitoring indicators of economic activity to assess the likely timing of the withdrawal of monetary stimulus.

The number of initial applications for unemployment benefits last week was 406,000, a week earlier it was 444,000. It fell to a new low since the start of the pandemic due to further improvement in the labor market situation, and was even lower than analysts expected.

Durable goods orders fell 1.3% in April, while economists were mostly forecasting an upturn. US GDP for the 1st quarter, according to the second estimate, grew by 6.4%.

Investors are closely watching the stocks of companies that have become popular among online traders. AMC Entertainment shares up 50%. Stocks and GameStop hovered around the flat line.

Ford Motor shares added 5.7%. They are rising for the second day in a row after the company announced that 40% of its global car fleet should be fully electric by 2030. Dollar Tree shares fell 6.9%.

The yield on 10-year US Treasuries rose to 1.609% from 1.572% on Wednesday.

The pan-European Stoxx Europe 600 gained 0.3%.

In Asia, trading in shares ended with multidirectional dynamics. Shanghai Composite added 0.4%, Hang Seng dropped 0.2%.

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Forex Analysis & Reviews: Forecast for EUR/USD on May 31, 2021

EUR/USD
The euro fell by 60 points last Friday, and with the release of positive US data, it returned to the opening of the day. Investors probably closed against the data ahead of the long weekend in the US and UK until June 1. Consumer personal spending for April increased by the expected 0.5%, the US trade balance for April improved from -92.0 billion dollars to -85.2 billion.



Technically, nothing has changed for the euro, even the indicators at the end of the day did not move from their values. As a result, we are still waiting for the price to support the MACD line on the daily chart near the 1.2052 mark. The level coincides with the low on May 13.



On the four-hour chart, the price did not go over the MACD line and the Marlin oscillator did not cross the zero line, that is, did not leave the negative territory. The EUR/USD pair is likely to resume its decline.

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Forex Analysis & Reviews: Forecast for EUR/USD on June 1, 2021

EUR/USD
On Monday, the euro strengthened in a trading range of May 19-27 in the thin market, still creating a technical risk for growth to the target levels of 1.2272 and 1.2310 (peaks on December 17 and 31, 2020). A decline from yesterday's opening removes such a risk and will set the euro to exit the range down.



This moment looks more detailed on the four-hour scale: consolidating under the MACD line (1.2220) with a departure under 1.2200 creates a signal for movement towards the MACD line on the daily chart, in the area of 1.2068.



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Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 2, 2021


Technical Market Outlook:
The EUR/USD pair rally towards the swing high had been capped at the level of 1.2254 after the Pin Bar candlestick was made. The next target for bulls is seen at the level of 1.2266, which is a swing high. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike again and push the prices towards the main channel lower line seen around the level of 1.2160 or the local low made at 1.2131. So fat the momentum is strong and positive, which support the short-term bullish outlook.

Weekly Pivot Points:
WR3 - 1.2356
WR2 - 1.2298
WR1 - 1.2235
Weekly Pivot - 1.2173
WS1 - 1.2117
WS2 - 1.2059
WS3 - 1.1997

Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).



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Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 3, 2021

Technical Market Outlook:
The EUR/USD pair had tested the lower channel line again, just around the level of 1.2200 and made a new local low at the level of 1.2164. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike again and push the prices towards the main channel lower line seen around the level of 1.2160 or the local low made at 1.2131. The momentum is neutral and the market conditions are now overbought.

Weekly Pivot Points:
WR3 - 1.2356
WR2 - 1.2298
WR1 - 1.2235
Weekly Pivot - 1.2173
WS1 - 1.2117
WS2 - 1.2059
WS3 - 1.1997

Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).



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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 4, 2021



We are looking for a correction in wave 4/ towards 130.86 as a minimum from where we could see the next impulsive rally higher towards 135.42 and possibly even higher. As wave 2/ was a simple deep zig-zag correction, we should expect a complex and hard to trade wave 4/ towards the ideal target at 130.86. It's possible that wave 4/ continues lower towards the 38.2% correction at 129.06 but only time will tell.

Trading recommendation:
As a complex and hard to trade wave 4 correction is unfolding, we recommend stay on the sideline and wait to buy EUR near 130.86 for the next rally towards 135.42

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Forex Analysis & Reviews: Forecast for USD/JPY on June 7, 2021

USD/JPY
The USD/JPY pair returned to support at 109.37 last Friday. The signal line of the Marlin oscillator has reached the lower border of its own rising channel on the daily chart. Growth recovery in case of price reversal from technical support in this situation looks like a "traditional" scenario, as the growing Marlin channel has acquired the third touchpoint and, thus, the 110.47 target remains relevant and important.



But the pair's recent development is directly related to the dollar index, and today it is in a situation of uncertainty. Therefore, the option of continuing the decline when the price settles below the 109.37 level is quite probable. The target of this movement will be the 108.35 level.



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Forex Analysis & Reviews: Forecast for EUR/USD on June 8, 2021

EUR/USD
The euro gained 23 points on Monday, going deeper into the accumulation range of May 18. The intention to form a triple divergence with the Marlin oscillator has intensified. Also, the price may turn down within the accumulation range, since the Marlin oscillator is still in the negative zone and is in no hurry to get out of it. The probability of the price reaching the level of 1.2272 is about 40%.



On the four-hour scale, the situation is similar in terms of uncertainty, here the oscillator is in the growth area, but the price is below the indicator lines. A breakthrough above the MACD line, above 1.2214, will increase the probability that the price will reach the 1.2272 level to 50%.



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